Questions on opportunity cost

Reference no: EM1369985

1. Economists make decisions by thinking in terms of alternatives. Why do economists thinks there is no such thing as a free lunch?

2. Another situation to think about: Should Michael Phelps mow his own lawn? Assume Michael can mow his lawn in 30 minutes (due to his athletic ability) or he can hire a gardener who can do the same job in 2 hours. Should the fastest person do the job?

Reference no: EM1369985

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Questions on opportunity cost : Economists make decisions by thinking in terms of alternatives. Why do economists thinks there is no such thing as a free lunch?

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